The Ethereum market has seen a modest price decline in the past day as the broader crypto market reacts to news of US-China trade talks potentially yielding a negative result. Amidst this decline, Ethereum prices have dipped to around $2,550 before showing a minor rebound in the past few hours.
Meanwhile, renowned market analyst with X username Daan Crypto states the altcoin now faces a major price resistance, the outcome of which is influential on the future price trajectory.
Why Ethereum Bulls Must Reclaim Pivotal $2,800 Zone – Analyst
In an X post on May 30, Daan Crypto shares an insightful technical analysis that indicates Ethereum is now facing a significant price barrier at $2,800 price zone.
Notably, the popular analyst explains that $2,800 has proven to be an important price level in the ETH market regardless of the price trend. Historically, a decisive close above or below this zone has often led to significant price movement. in the corresponding direction. This instance was seen when prices traded as high as $4,000 in late 2024 followed an extended market correction which forced prices as low as $1,400.
Since the crypto market rebound began in April, Ethereum has already faced one rejection at $2,800 indicating the presence of a robust selling pressure at this price zone. With the altcoin now recovering from its most recent dip in the past week, Ethereum bulls are now expected to take another swipe at this key resistance level. Daan Crypto nudges investors to watch this price level as a successful breakout would signal major price gains ahead.
At the very least, the altcoin becomes likely to reclaim the $4,000 price zone which represents the peak price of the current bull market.
Ethereum Network Fees Fall By Over 2%
In other news, prominent blockain analytics firm Sentora reports the Ethereum network saw a 2.3% decline in weekly network fees suggesting a fall in transaction numbers as well as general network engagement. Nevertheless, exchange net outflows of $516 million strongly indicates that ETH investors still remain bullish as they opt to move their holdings into private wallets despite the recent price fall.
At the time of writing, Ethereum continues to trade at $2,514 reflecting a price decline of 3.58% in the past day. However, market gain of 43.22% on the monthly chart respectively suggest the current market trend remains bullish. With a total market cap of $311.69 billion, Ethereum is ranked as the second-largest cryptocurrency and largest altcoin in the world.
